CIF Marmara 12.5% wheat reaches 5-month high on vessel delays, high demand

Platts CIF Marmara 12.5% wheat coaster price assessment has surged to a five-month high due to unfavorable weather in the Kerch Strait, causing vessel delays of up to 10 days, and high freight rates. The current delays have widened the price spread to the Milling Wheat Marker to a $19/mt premium for coasters. As of Oct. 2, CIF Marmara 12.5% was assessed at $250/mt, with the Azov to Sea of Marmara freight rates increasing from $44/mt to $55/mt within a week. The high freight rates are expected to persist for at least another three to four weeks, potentially extending through December due to cold weather disruptions, a local Turkish broker said. Sellers also indicated that the water level in the Don River, crucial for downstream transport into Rostov-on-Don and the Sea of Azov, has dropped to 2.8 meters, well below the ideal level of 4 meters due to strong winds. “Buyers want to buy, but there are not many offers due to the absence of vessels,” a Turkish buyer said, citing increased ...